I’m diving into the insights from The Answer is Transaction Costs (TAITC) hosted by Michael Munger. One interesting topic from a recent episode is college interviews for applicants.
I work at a private university that embraced this practice in a unique way. Initially, we didn’t conduct interviews for applicants. Our financial aid offerings were poorly structured, resulting in similar-looking applications. This meant we accepted many students who didn’t quite fit our mission, while neglecting those who would have thrived here. We faced a challenge: our admissions team struggled to balance student retention and aid distribution.
When we accepted students without interviews, some strong candidates didn’t come because they felt overshadowed by those who were less compatible with our university’s mission. Many students who did attend ended up leaving early, negatively impacting our retention rates and revenue.
To tackle this issue, we instituted mission-fit interviews for all applicants. After submitting their online forms, students had to schedule an interview to discuss their fit for our university. This change was striking. It turned out that students who truly wanted to attend the university were eager to interview, weedin out those who weren’t as committed.
The outcomes were immediate. Most applicants excelled in interviews simply by participating, which allowed us to identify who genuinely fit our mission. This shift enabled us to distribute financial aid more effectively, which improved our overall student quality and with it, retention and satisfaction.
Interestingly, we later analyzed results between two groups: those who applied before the interviews became mandatory and those who applied afterward. The difference was substantial. Students from the interview cohort had higher GPAs and better retention rates.
As it turns out, the time and effort for an interview were well worth it for students who were genuinely interested. We could gauge their commitment and allocate resources more wisely.
Experts in education policy concur that personalized admissions processes, like interviews, can enhance student matching. A recent study by the National Association for College Admission Counseling found that colleges using interviews often see improved student retention rates and overall satisfaction.
In summary, the interviews proved to be a cost-effective strategy. By engaging with the right students, we not only improved our admissions process but also enriched our campus culture. This experience shows that sometimes, a small change can lead to significant benefits for both institutions and students alike.
